Apple announced yesterday the new iPhone which provides many new features aiming to bring the revolution to the technological world. Among these features was the new payment service, Apple Pay, which allows users to make purchases using their phone.

Apple Pay technology uses a built-in NFC capability and Touch ID fingerprint access, as well as an encrypted chip which stores payment information, such as credit card details. This information is managed by using Apple’s PassBook application. Moreover, Apple announced the new Apple Watch which works with Apple Pay, too.

Apple Pay feature allows iPhone and Apple Watch owners to make purchases using their device. All they have to do is to hold their device to a contactless payment terminal and make quickly and securely their payments while their payment information remain encrypted.

Experts have already forecast that Apple’s new iPhone could change the way we shop today.

Tim Cook said: “We’re gonna start by focusing on payments. Payments is a huge business. Every day between credit and debit we spend 12 billion dollars. That’s over 4 trillion dollars a year, and that’s just in the United States … 200 million transactions a day. That’s 200 million times we scramble for our credit cards and go through what is a fairly antiquated process.”

Moreover, in an attempt to calm down users over the recent iCloud hacking concerning the celebrities’ nude photos, Apple said that the credit card details associated with users’ iCloud account can not be copied from it, even when users have access to their account using their email and password.

“We don’t store the credit card number, and we don’t give it to the merchant … each time you pay, we use a one-time payment number along with a dynamic security code,” explained Eddy Cue, Apple’s vice president in charge of software.